Joby Aviation Reports Fourth Quarter and Full Year 2023 Results
21 Febrero 2024 - 3:05PM
Business Wire
Joby Aviation, Inc. (NYSE:JOBY), a company developing
all-electric aircraft for commercial passenger service, today
issued its Fourth Quarter and Full Year 2023 Shareholder Letter
detailing the company’s operational and financial results for the
period ending December 31, 2023. The company will host a live audio
webcast of its conference call to discuss the results at 2:00 p.m.
PT (5:00 p.m. ET) today.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20240221485064/en/
During Q4 2023, Joby completed the
first-ever flight of an electric air taxi in New York City. Joby
Aviation Photo
Fourth Quarter 2023 Highlights:
- Certification and Testing. With Stage 3 complete and all
of our certification plans accepted, our focus is now on completing
for-credit testing with the FAA. We successfully completed 30
for-credit pathfinder tests during the quarter. We now have four
conforming manufacturing lines established.
- Preparing for Operations. We worked with the FAA to
complete precision landing tests, worked with NASA to simulate
airspace management and received our Part 145 Repair Station
Certificate from the FAA.
- New York City Piloted Flight. The iconic Downtown
Manhattan Heliport served as the base for the first ever electric
air taxi flight in New York City. The flight was part of a press
conference hosted by Mayor Eric Adams, where he announced the
city’s plan to electrify the heliport.
- Exclusivity in Dubai. We signed a definitive agreement
with the government of Dubai that grants Joby exclusive rights to
operate air taxis in the Emirate for six years. The agreement
includes financial support and identifies a regulatory pathway to
enable early operations.
- Strong Financial Foundation. At the end of the fourth
quarter of 2023, we had $1.0 billion in cash and short-term
investments. Net cash used in operating activities and purchases of
property, plant and equipment totaled $91 million in the fourth
quarter. For the full year, cash used in operating activities and
purchases of property, plant and equipment totaled $344
million.
- 2024 Outlook. Our priority in 2024 will be progressing
the certification and manufacturing of our aircraft. We expect to
increase our focus on commercialization as we prepare to enter
commercial service in 2025. During the year, we plan to extend our
flight exhibition series to additional key markets and expand our
engagement with the Department of Defense by committing at least
two more aircraft as part of our existing contract. We also expect
to begin component manufacturing in Dayton, Ohio, and to break
ground on expanding our low-volume manufacturing plant in Marina,
California. We estimate that our use of cash, cash equivalents and
short-term investments during 2024 will range between $440 – $470
million.
Fourth Quarter and Full Year Financial Results Webcast
Details:
What: Joby Fourth Quarter and Full Year 2023 Financial Results
Webcast
When: Wednesday, February 21, 2024
Time: 2:00 p.m. PT (5:00 p.m. ET)
Webcast: Upcoming Events
(https://ir.jobyaviation.com/news-events/ir-calendar) section of
the company website (www.jobyaviation.com).
If unable to attend the webcast, to listen by phone, please dial
1-877-407-9719 or 1-201-378-4906. A replay of the webcast will be
available on the company website following the event.
About Joby Aviation
Joby Aviation, Inc. (NYSE: JOBY) is a California-based
transportation company developing electric air taxis for commercial
passenger service. To learn more, visit www.jobyaviation.com.
Forward-Looking Statements
This press release contains “forward-looking statements” within
the meaning of the “safe harbor” provisions of the Private
Securities Litigation Reform Act of 1995, including but not limited
to, statements regarding the development and performance of our
aircraft; the growth of our manufacturing capabilities, including
our planned manufacturing facility in Dayton, Ohio and our ongoing
plans for our facilities in California; our regulatory outlook,
progress and timing, including our expectation to start commercial
passenger service in 2025; expected benefits of our contract with
the Department of Defense, including the timing of potential
aircraft deliveries; our business plan, objectives, goals and
market opportunity in the U.S. and foreign markets; our planned
operations in Dubai; initial target markets; and our current
expectations relating to our business, financial condition, results
of operations, prospects, capital needs and growth of our
operations, including the expected benefits of our
vertically-integrated business model and our expected cash usage
for fiscal year 2024.
You can identify forward-looking statements by the fact that
they do not relate strictly to historical or current facts. These
statements may include words such as “anticipate”, “estimate”,
“expect”, “project”, “plan”, “intend”, “believe”, “may”, “will”,
“should”, “can have”, “likely” and other words and terms of similar
meaning in connection with any discussion of the timing or nature
of future operating or financial performance or other events. All
forward looking statements are subject to risks and uncertainties
that may cause actual results to differ materially, including: our
ability to launch our aerial ridesharing service and the growth of
the urban air mobility market generally; our ability to produce
aircraft that meet our performance expectations in the volumes and
on the timelines that we project, and our ability to launch our
service; formal approval of state and local incentives, permitting
and other legal and regulatory matters as customarily accompany
such investment projects; complexities related to obtaining
certification and operating in foreign markets; the competitive
environment in which we operate; our future capital needs;
permitting and other legal and regulatory matters related to our
manufacturing sites; our ability to adequately protect and enforce
our intellectual property rights; our ability to effectively
respond to evolving regulations and standards relating to our
aircraft; our reliance on third-party suppliers and service
partners; uncertainties related to our estimates of the size of the
market for our service and future revenue opportunities; and other
important factors discussed in the section titled “Risk Factors” in
our Annual Report on Form 10-K, filed with the Securities and
Exchange Commission (the “SEC”) on March 1, 2023, and in future
filings and other reports we file with or furnish to the SEC. Any
such forward-looking statements represent management’s estimates
and beliefs as of the date of this shareholder letter. While we may
elect to update such forward-looking statements at some point in
the future, we disclaim any obligation to do so, even if subsequent
events cause our views to change.
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